The House of Morgan

An American Banking Dynasty and the Rise of Modern Finance

Ron Chernow

The National Book Award–winning history of American finance by the renowned biographer and author of Hamilton: "A tour de force" ( New York Times Book Review). The House of Morgan is a panoramic story of four generations in the powerful Morgan family and their secretive firms that would transform the modern financial world. Tracing the trajectory of J. P. Morgan's empire from its obscure beginnings in Victorian London to the financial crisis of 1987, acclaimed author Ron Chernow paints a fascinating portrait of the family's private saga and the rarefied world of the American and British elite in which they moved—a world that included Charles Lindbergh, Henry Ford, Franklin Roosevelt, Nancy Astor, and Winston Churchill. A masterpiece of financial history—it was awarded the 1990 National Book Award for Nonfiction and selected by the Modern Library as one of the 100 Best Nonfiction Books of the Twentieth Century— The House of Morgan is a compelling account of a remarkable institution and the men who ran it. It is essential reading for anyone seeking to understand the money and power behind the major historical events of the last 150 years.

The Big Short: Inside the Doomsday Machine

Michael M. Lewis

The author examines the causes of the U.S. stock market crash of 2008 and its relation to overpriced real estate, bad mortgages, shareholder demand for excessive profits, and the growth of toxic derivatives.

Lords of Finance

The Bankers Who Broke the World

Liaquat Ahamed

Argues that the stock market crash of 1929 and subsequent Depression occurred as a result of poor decisions on the part of four central bankers who jointly attempted to reconstruct international finance by reinstating the gold standard.

The Color of Money

Black Banks and the Racial Wealth Gap

Mehrsa Baradaran

“Read this book. It explains so much about the moment...Beautiful, heartbreaking work.” —Ta-Nehisi Coates “A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.” —The Atlantic “Extraordinary...Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.” —Ezra Klein When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks. With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy. “Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.” —Los Angeles Review of Books “A must read for anyone interested in closing America’s racial wealth gap.” —Black Perspectives

The Richest Man In Babylon - Original Edition

George S Clason

The Richest Man in Babylon, based on "Babylonian parables", has been hailed as the greatest of all inspirational works on the subject of thrift, financial planning, and personal wealth. In simple language, these fascinating and informative stories set you on a sure path to prosperity and its accompanying joys. A celebrated bestseller, it offers an understanding and a solution to your personal financial problem. Revealed inside are the secrets to acquiring money, keeping money, and making money earn more money. This original edition has the original language, content, and message from George S. Clason as intended in 1926. It's all here, uncensored.

Maestro

Greenspan's Fed and the American Boom

Bob Woodward

Explains how Alan Greenspan and his committee determine the economic well-being of the American economy by setting short-term interest rates.

Den of Thieves

James B. Stewart

A #1 bestseller from coast to coast, Den of Thieves tells the full story of the insider-trading scandal that nearly destroyed Wall Street, the men who pulled it off, and the chase that finally brought them to justice. Pulitzer Prize–winner James B. Stewart shows for the first time how four of the eighties’ biggest names on Wall Street—Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine—created the greatest insider-trading ring in financial history and almost walked away with billions, until a team of downtrodden detectives triumphed over some of America’s most expensive lawyers to bring this powerful quartet to justice. Based on secret grand jury transcripts, interviews, and actual trading records, and containing explosive new revelations about Michael Milken and Ivan Boesky, Den of Thieves weaves all the facts into an unforgettable narrative—a portrait of human nature, big business, and crime of unparalleled proportions.

The Bitcoin Standard

The Decentralized Alternative to Central Banking

Saifedean Ammous

A comprehensive and authoritative exploration of Bitcoin and its place in monetary history When a pseudonymous programmer introduced "a new electronic cash system that’s fully peer-to-peer, with no trusted third party" to a small online mailing list in 2008, very few people paid attention. Ten years later, and against all odds, this upstart autonomous decentralized software offers an unstoppable and globally accessible hard money alternative to modern central banks. The Bitcoin Standard analyzes the historical context to the rise of Bitcoin, the economic properties that have allowed it to grow quickly, and its likely economic, political, and social implications. While Bitcoin is an invention of the digital age, the problem it purports to solve is as old as human society itself: transferring value across time and space. Author Saifedean Ammous takes the reader on an engaging journey through the history of technologies performing the functions of money, from primitive systems of trading limestones and seashells, to metals, coins, the gold standard, and modern government debt. Exploring what gave these technologies their monetary role, and how most lost it, provides the reader with a good idea of what makes for sound money, and sets the stage for an economic discussion of its consequences for individual and societal future-orientation, capital accumulation, trade, peace, culture, and art. Compellingly, Ammous shows that it is no coincidence that the loftiest achievements of humanity have come in societies enjoying the benefits of sound monetary regimes, nor is it coincidental that monetary collapse has usually accompanied civilizational collapse. With this background in place, the book moves on to explain the operation of Bitcoin in a functional and intuitive way. Bitcoin is a decentralized, distributed piece of software that converts electricity and processing power into indisputably accurate records, thus allowing its users to utilize the Internet to perform the traditional functions of money without having to rely on, or trust, any authorities or infrastructure in the physical world. Bitcoin is thus best understood as the first successfully implemented form of digital cash and digital hard money. With an automated and perfectly predictable monetary policy, and the ability to perform final settlement of large sums across the world in a matter of minutes, Bitcoin’s real competitive edge might just be as a store of value and network for the final settlement of large payments a digital form of gold with a built-in settlement infrastructure. Ammous’ firm grasp of the technological possibilities as well as the historical realities of monetary evolution provides for a fascinating exploration of the ramifications of voluntary free market money. As it challenges the most sacred of government monopolies, Bitcoin shifts the pendulum of sovereignty away from governments in favor of individuals, offering us the tantalizing possibility of a world where money is fully extricated from politics and unrestrained by borders. The final chapter of the book explores some of the most common questions surrounding Bitcoin: Is Bitcoin mining a waste of energy? Is Bitcoin for criminals? Who controls Bitcoin, and can they change it if they please? How can Bitcoin be killed? And what to make of all the thousands of Bitcoin knockoffs, and the many supposed applications of Bitcoin's 'block chain technology'? The Bitcoin Standard is the essential resource for a clear understanding of the rise of the Internet’s decentralized, apolitical, free-market alternative to national central banks.

The Banking Crisis of 1933

Susan Estabrook Kennedy

On March 6, 1933, Franklin D. Roosevelt, less than forty-eight hours after becoming president, ordered the suspension of all banking facilities in the United States. How the nation had reached such a desperate situation and how it responded to the banking "holiday" are examined in this book, the first full-length study of the crisis. Although the 1920s had witnessed a wave of bank failures, the situation worsened after the 1929 stock market crash, and by the winter of 1932-1933, complete banking collapse threatened much of the nation. President Hoover's stopgap measures proved totally inadequate, the author shows, and by March 4, the day of Roosevelt's inauguration, thirty-four states had declared banking moratoriums. Of special interest in this study is Ms. Kennedy's examination of relations between Herbert Hoover and Franklin D. Roosevelt.

The Great Debate on Banking Reform

Nelson Aldrich and the Origins of the Fed

Elmus Wicker

"Eminent historian of economics Elmus Wicker examines the events which spurred a series of banking panics beginning in 1893-94, that led to the creation of the U.S. Federal Reserve Bank twenty years later. A serious lacuna exists in the literature on the origins of the Federal Reserve System. What is absent is a fair appraisal of the role Senator Nelson Aldrich, prominent Rhode Island senator, played. Carter Glass captured the acclaim while asserting that Aldrich be granted equal billing with Glass as "fathers" of the Federal Reserve System."--BOOK JACKET.

George Woods and the World Bank

Robert W. Oliver

George Woods transformed the World Bank from a relatively passive investment organization into an active leader of world development. He pushed for greatly increased lending in support of agriculture and education, worked closely with the United Nations, and revived and greatly strengthened economic analysis in the Bank itself. He also initiated measures to expand the equity investments of the International Finance Corporation and sought annual funding of one billion dollars for the International Development Association, the Bank's soft-loan affiliate. He retired in 1968 after inducing Robert McNamara to be his successor.

Banking and Industrialization in Austria-Hungary

The Role of Banks in the Industrialization of the Czech Crownlands, 1873-1914

Richard L. Rudolph

This book examines industrialization in the Austrian half of the monarchy, and the role of banks in this industrialization.

The PayPal Wars

Battles with Ebay, the Media, the Mafia, and the Rest of Planet Earth

Eric M. Jackson

Peter Thiel, Elon Musk, and the rest of the “PayPal Mafia” are now household names who’ve reshaped technology, automobiles, space travel, and politics. But two decades ago, they were unsung entrepreneurs attempting to launch a Silicon Valley startup against overwhelming odds. That improbable journey started in the shadow of Stanford University, when Thiel met Max Levchin, a Ukrainian engineer who recently moved to California. Years before anyone had heard of Bitcoin, the two set out to build an online payment service that could reduce government control over currency by empowering people around the globe. But after their startup, PayPal, survived the dot-com crash only to find itself besieged by an unimaginable series of challenges, that lofty dream threatened to become a nightmare. Former insider Eric M. Jackson’s telling of PayPal’s origins is an eyewitness account to technology history, as well as an engrossing story of human struggle and perseverance against overwhelming odds. PayPal went from unknown startup to online powerhouse in just three years, but for the company's team it was not an easy journey. The entrepreneurs that joined together to overhaul world currency markets first had to face one of the greatest series of trials ever thrown at a startup before becoming part of Silicon Valley lore. Jackson's lively, blow-by-blow account of PayPal's death-defying beginnings and ferocious battles offers a detailed perspective that only an eyewitness could provide. Read The PayPal Wars and you'll learn how: Elon Musk joined with Peter Thiel, and how the two future titans would soon square off to control the company. Organized crime attempted to ransack PayPal—but the company fought back. Government bureaucrats and regulators ferociously tried to shut down the upstart payments service. Turmoil pushed PayPal to the brink of insolvency before Thiel and his team turned the business around. “Our clashes with the credit card associations, the banking lobby, state regulators, foreign Mafioso, and litigation-happy lawyers significantly increased” as the company’s profile grew, writes Jackson, adding that the initial public offering that was meant to strengthen PayPal with an infusion of cash ironically attracted a rogue's gallery of foes instead. "The modern business environment," Jackson concludes, "turned out to be more hostile than even our fiercest competitor." This somber warning—that regulators, lawyers, and lobbyists threaten to undermine American entrepreneurship—makes The PayPal Wars a timely read for every concerned citizen.

13 Bankers

The Wall Street Takeover and the Next Financial Meltdown

Simon Johnson, James Kwak

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

American Poverty in a New Era of Reform

Harrell R. Rodgers

This edition provides a comprehensive examination of the extent, causes, effects, and costs of American poverty nearly ten years after the passage of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) in 1996.

The International Origins of the Federal Reserve System

J. Lawrence Broz

The argument in this book is of very great interest for understanding current battles over financial institutions around the world. And it is of great interest to students of institutional creation and design more broadly."--Political Science Quarterly

The Creature from Jekyll Island

A Second Look at the Federal Reserve

G. Edward Griffin

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A History of Money

From AD 800

John F. Chown

Introduces monetary history: money as coin, the development of credit and banking, and inconvertible paper money.

The Economics of Money, Banking, and Financial Markets

Frederic S. Mishkin

This text provides an approach to the economics of finance, with the emphasis on the "economic way of thinking" and flexibility. Simple concepts are introduced to bring economic analysis to bear on money and banking, with an emphasis on international topics.

Alexander Hamilton, American

Richard Brookhiser

Explores the life and times of an American founding father, who grew from an impoverished immigrant to a patriot, war hero, Secretary of the Treasury, and a man whose vision helped shape America.